35 South Capital

What 35 South Capital does

35 South Capital is a Houston-based private commercial real estate investment firm founded in 2021 that acquires, develops, redevelops, leases, and manages real estate across the Texas Triangle, with an explicit focus on Houston, Austin, Dallas/Fort Worth, and San Antonio. The firm targets accredited investors, offering access to commercial real estate investments through a private investor portal hosted on Juniper Square and direct email outreach. Its revenue model is investment-driven, derived from property appreciation, rental income, and successful exit strategies on completed projects, with economics consistent with a sponsor/GPM model rather than a fee-for-service operator.

The portfolio comprises 11 distinct properties spanning multiple asset classes: mixed-use (3642 University in Houston's West University area, acquired May 2021), medical office (3811 Bee Caves in West Lake Hills, 23211 First Park in Katy, 1701 S. Main in Fort Worth), retail (5333 Kirby, Casis Village, King William Center, and The Collection in San Antonio), boutique office (10497 Town & Country Way in Houston's Memorial submarket, which also serves as headquarters), and multifamily (84-unit Village Place in Hedwig Village, and the 331-unit Pelican Greenhouse development in Katy). Several assets were acquired as first-time ownership changes or via off-market transactions, suggesting relationship-driven deal flow. The firm employs a 360-degree underwriting approach evaluating location, tenant mix, financing, and timing to deliver risk-adjusted returns.

The firm is led by four founders with over 100 years of combined institutional real estate experience: Steve LeBlanc (Chairman, 40+ years, formerly Senior Managing Director at Teachers Retirement of Texas and Senior Partner at Lincoln Property Company), John Morton (CEO, 20+ years, previously EVP at Pinecroft Realty and key positions at Brookfield Properties and Transwestern), John Anderson (CFO, 25+ years, formerly Regional Director of Development at Weingarten Realty and previously at Goldman Sachs's Archon Group), and Ryan Haley (COO, 25+ years, founder of Barbour Investments). The leadership has been augmented with a Managing Director for Central Texas, a Managing Director of Investor Relations, a Project Manager, and an Asset Manager. The firm maintains three offices in Houston (headquarters at 10497 Town & Country Way), West Lake Hills (Austin area), and San Antonio.

Name

35 South Capital

Legal name

35 South Capital

Website

https://35southcapital.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

35 South Capital is a Houston-based private real estate investment firm founded in 2021 that acquires, develops, redevelops, and manages commercial real estate across the Texas Triangle, targeting accredited investors via a Juniper Square investor portal and direct outreach.

Ownership category

akta.pro rank

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Real Estate Investment Returns: The company generates returns through acquisition, development, redevelopment, and management of commercial real estate properties across the Texas Triangle. Revenue is derived from property appreciation, rental income, and successful exit strategies on completed projects.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

35 South Capital is a real estate investment firm that acquires, develops, redevelops, leases, and manages commercial real estate properties across the Texas Triangle (Houston, Austin, Dallas/Fort Worth, and San Antonio). It provides accredited investors with direct access to these commercial real estate investment opportunities through a private investor portal and direct communication. The firm applies a 360-degree underwriting approach covering location, tenant mix, financing, and timing to deliver risk-adjusted returns.

Product overview

35 South Capital is a real estate investment company focused on the Texas Triangle, offering access to commercial real estate investments across Houston, Austin, Dallas/Ft. Worth, and San Antonio. The company's portfolio consists of 11 distinct real estate properties spanning multiple asset classes: mixed-use (3642 University), medical office (3811 Bee Caves, 23211 First Park, 1701 S. Main), retail (5333 Kirby, Casis Village, King William Center, The Collection), office (10497 Town & Country Way), and multi-family (Village Place, Pelican Greenhouse). The firm focuses on properties in markets that lead the nation in job and population growth to generate risk-adjusted returns for investors.

Differentiator

Problem solved

Functional benefit

Products and services

• 3642 University Mixed-use office/retail property (14,440 s.f. on 0.44 acres) in the West University area of Houston, Texas, located across the street from West U Elementary; acquired by 35 South Capital and brought to completion in April 2024.
• 3811 Bee Caves Medical office property (24,120 s.f. on 2.65 acres) in the City of West Lake Hills in Austin, Texas, located next to Trinity Episcopal School and adjacent to West Lake High School; acquired by 35 South Capital and completed in May 2024.
• 5333 Kirby Retail property anchored by Loro featuring restaurant, medical, and service tenants, located on Kirby Drive in West University adjacent to Rice Village, Houston, Texas; acquired by 35 South Capital in May 2022.
• Casis Village Prominent retail center at the corner of Exposition Boulevard and Westover Road in the Tarrytown neighborhood of Austin, Texas; represents the first change of ownership in the property's history under 35 South Capital (acquired May 2023).
• 10497 Town & Country Way Nine-story boutique office building in the Memorial submarket of Houston with visibility from Interstate 10 and Beltway 8 and walking distance to CityCentre; interior renovations completed by 35 South Capital in December 2024.
• Village Place 84-unit multi-family property in the Hedwig Village neighborhood of Houston within the Memorial Villages on the city's west side, situated along I-10 West; acquired by 35 South Capital in November 2023.
• 713 S. St. Mary's (King William Center) King William Center, a popular retail shopping center in the vibrant Southtown retail and residential district just south of downtown San Antonio, Texas; acquired by 35 South Capital in December 2023.
• 23211 First Park Medical/retail property in Katy, Texas, tenanted by Blue Fish Pediatrics, a premier pediatric practice serving patients across 8 Greater Houston locations; acquired by 35 South Capital in April 2024.
• 1701 S. Main Brand new turn-key Medical Office Property in Fort Worth, Texas (one of the fastest-growing metropolitan areas in the United States); acquired by 35 South Capital in June 2024.
• The Collection Generational retail center at the corner of Broadway and Sunset in the heart of the Alamo Heights neighborhood in San Antonio, Texas, housing tenants such as Soluna and Revolucion; purchased in an off-market transaction by 35 South Capital for the first time in 20 years in November 2024.
• Pelican Greenhouse 331-unit surface parked multi-family development in the Katy submarket of Houston, Texas; 35 South Capital development investment date of December 2025.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MedProperties Holdings: Dallas-based healthcare/medical office real estate investment firm with a deep Texas portfolio. Comparable as a sub-sector-specialized CRE principal in the same region with similar investor-relations and acquisition-driven model.
• Crow Holdings Capital: Investment management arm of Crow Holdings focused on institutional capital deployment into Texas commercial real estate. Directly comparable as a Texas-centric CRE fund manager with overlapping investor base and asset-class focus.
• Triten Real Estate Partners: Houston-based commercial real estate investment firm focused on value-add office, retail, and mixed-use assets in the Texas Triangle. Highly comparable geography, asset-class overlap, and fund manager/principal-investor business model.
• Crow Holdings: Dallas-based commercial real estate investment and development firm operating across multiple Texas submarkets. Comparable as a Texas-centric CRE principal that acquires, develops, and operates office, multifamily, industrial, and retail assets with a similar institutional LP base.

Broad incumbents

• CBRE Group: World's largest commercial real estate services firm with deep Texas investment-sales, debt/equity placement, and asset management teams. Comparable as the dominant incumbent intermediary in the same Texas submarkets where 35 South Capital acquires and operates.
• Phillips Edison & Company: Public retail-focused REIT acquiring and operating necessity-anchored shopping centers. Comparable as a larger CRE principal with significant retail holdings, though publicly traded and nationally diversified rather than Texas-concentrated.
• JLL (Jones Lang LaSalle): Global commercial real estate services and investment firm with major Texas brokerage, capital markets, and asset management operations. Comparable as the institutional incumbent whose brokerage and capital-markets teams both source deals for and compete against 35 South Capital in the same submarkets.
• Hunt Companies: El Paso-headquartered diversified real estate investment and development platform with significant Texas exposure. Comparable as a larger, established Texas-based CRE principal operating across multifamily, commercial, and development at greater scale than 35 South Capital.

Regional players

• Wulfe & Co. Houston-based retail and mixed-use real estate investment and management firm. Comparable as a Houston-anchored CRE principal with overlapping retail and mixed-use exposure, though focused on a single submarket rather than the broader Texas Triangle.
• Capital Retail Group: Mid-Atlantic and Southeast retail real estate investor and developer with comparable retail-center acquisition and redevelopment activity. Comparable as a privately-held CRE principal operating in regional U.S. growth markets with overlapping retail and mixed-use strategies.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 35 South Capital